DENVER—The first credit union chartered to serve the marijuana industry is now asking local cannabis businesses to share their banking preferences and needs.
A 20-question survey recently appeared on SurveyMonkey.com from The Fourth Corner Credit Union that asks marijuana businesses to tell the new CU about their “financial experiences in order to help us in our development of competitive product, compliance, and account offerings uniquely suited for the MJ industry.”
The survey will ensure the credit union’s products are designed for the marijuana industry and that the pricing is competitive, attorney Mark Mason, one of Fourth Corner's key organizers, told the Denver Post.
Fourth Corner has also leased a former bank building at corner of West Colfax Avenue and Tremont Place in Downtown Denver.
The survey was developed, as well, Mason said, as a better way to answer questions from NCUA, which is deciding whether to issue the CU share insurance.
“Basically it is to help answer, if you build it, will they come?” Mason told the Denver Post. “We needed to create a vehicle to gain the information about what exactly is going on.”
Mason explained that NCUA wants to know that if the estimated number of accounts doesn’t play out that the agency has not offered insurance to a credit union likely to fail.
Fourth Corner is expected to open its doors mid-January.
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